Accor: Stifel still a seller, but raises TP
(CercleFinance.com) - Stifel has reiterated its "sell" rating on the Accor share, while raising its target price from 20 euro to 26 euros (current price: 35 euros), after the publication of 2020 results, which, Stifel says, brought little additional news.
"Visibility remains low, and operating leverage and cash burn should remain significant in 2021, although sequentially improving,"the broker says.
"We believe current valuation is hard to justify and does not reflect the fundamentals, especially relative to asset-light peers. Our analysis suggests a demanding recovery scenario being already priced-in", it adds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Visibility remains low, and operating leverage and cash burn should remain significant in 2021, although sequentially improving,"the broker says.
"We believe current valuation is hard to justify and does not reflect the fundamentals, especially relative to asset-light peers. Our analysis suggests a demanding recovery scenario being already priced-in", it adds.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.